Product Segment Strength Reinforces Our Long-Term Thesis for Narrow-Moat Intertek
Narrow-moat Intertek reported full-year results broadly in line with our expectations, with headline revenue growth of 8.8% driven largely by acquisitions. We do not expect to make any material changes to our long-term forecasts or to our GBX 3310 fair value estimate on the back of these results, and we believe the shares are fully valued at prevailing levels.Divisionally, Intertek’s revenue growth was very mixed. Products, which comprise more than 50% of group sales, grew at 5.5% organically. ...
Intertek Group provides Assurance, Testing, Inspection and Certification (ATIC) services. Co.'s segments comprised of Products, Trade and Resources. Co.'s products-related division consists of business lines that are focused on quality and safety of physical components and products, as well reducing risk through assessing the operating process and quality management systems of its customers. Co.'s trade division consists of three Global business lines, Cargo & Analytical Assessment, Government & Trade Services, and Agriculture business. Co.'s resources division consists of two business lines, Industry Services, and minerals business.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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